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HSBC to Pay $2Mn to Resolve U.S. Civil Loan Fraud Lawsuit
HSBC Holdings has agreed to pay about $2 million to settle federal charges that the bank improperly attempted to get reimbursement from the U.S. Small Business Administration (SBA) on bad loans it knew were based on fraudulent or potentially fraudulent information. The case was initiated on a whistleblower tip.
Under the SBAExpress loan program, designed to help startups and small businesses, the SBA guarantees up to half the value of loans made to companies by lenders such as HSBC.
Apparently, HSBC sought reimbursement for 42 defaulted loans that the bank had already placed on its internal list of fraudulent or potentially fraudulent loans.
